TORY MP Jacob Rees-Mogg has slapped down the "experts" at the Office for Budget Responsibility (OBR) – labelling their predictions that Brexit will cost the UK £60billion as "wrong".

The prominent Leave campaigner ridiculed the “experts” – who have been completely wrong on Brexit and the election of Trump this year – and told Newsnight it was reasonable to have suspicions about their alleged knowledge.

The North Somerset MP told the BBC programme: “I think the suspicion of experts goes back into antiquity and it’s a very healthy thing to have. Experts, soothsayers, and astrologers are in much the same category.”

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Mr Rees-Mogg argued the OBR is using existing tariffs to measure its predictions – something that will be unlikely as Mrs May’s Government look set to negotiate better trade deals which benefit Britain post-Brexit.

The OBR, which was established by George Osborne in 2010, claimed Britain’s £2trillion economy will be smaller than if there was no EU referendum and warned there will be a slow down in import and export growth over the next years.

The advisory body also claimed Britain would need to borrow £59billion because of the historic referendum – despite not having any information about what Mrs May’s Brexit plan entails.

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Mr Rees-Mogg added: “I think the OBR, the Office for Budget Responsibility, is extremely reasonable in the approach its taken but they are wrong. That is to say it assumes if we leave, when we leave, we will apply the same tariffs to the rest of the world which we currently apply.

“Well that would be a lunatic thing to do. Half of the benefit of leaving the EU is that we can set our own tariffs. But until the Government has developed its negotiating strategy and explained it, the OBR can only operate on a status quo assumption.

“So, they are perfectly rational in what they are doing but it is not what the reality will be.”

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However, Labour’s Chris Leslie, argued Brexit posed serious problems for Britain’s economy in the upcoming years and that uncertainty would negatively impact on any potential growth.

The former Shadow Chancellor said: “There are three problems that the Autumn statement is trying to address and that’s Brexit, Brexit and Brexit.

He added: “Whether it’s to do with business investment, whether it’s to do with trading prospects, or the kind of austerity that is now going to be continuing because of the hit to revenues and tax receipts we’re going to see, its going to cloud everything no matter what Government department you are in, no matter what area of the public services.”